Step 1
Learn about simulated biweekly mortgages.

Imagine what would happen if, instead of making 12 monthly payments in a year, the equivalent of 13 payments were made, with the 13th payment being applied entirely toward reducing the unpaid balance. Let's use our same mortgage example of a 30-year, $100,000 mortgage at 8.5% interest. Without the 13th payment, the unpaid balance would only be reduced by about $755.92 during the first year. By making that 13th payment the unpaid balance will reduce by an additional $768.91, which in turn will reduce the amount of interest charged in subsequent months. The bottom line is: if this example were your mortgage, you would save $50,650.24 in interest and pay off your mortgage in 22 years, 9 months instead of 30 years!

This is how the Mortgage Payoff Acceleration Program works. Every two weeks, one-half of your monthly payment is electronically transferred from your bank (depending upon the state you live in) to either a newly established checking account in your name at Commerce Bank of Southwest Florida once a month, one week prior to the due date, the monthly payment is automatically sent to your mortgage lender.